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Treasury auctions · 3-Year Note

3-year note auction of 8 October 2013 (new issue)

The 3-year note sold $30 billion at a high yield of 0.710% on , with a bid-to-cover ratio of 3.05.

High yield at each 3-year note auction

The last 36 auctions, this one last

High yield at each 3-year note auction, 8 Nov 2010 to 8 Oct 2013
High yield at each 3-year note auction, 11 Oct 2011 to 8 Oct 2013

Bid-to-cover ratio at each 3-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 3-year note auction, 8 Nov 2010 to 8 Oct 2013
Bid-to-cover ratio at each 3-year note auction, 11 Oct 2011 to 8 Oct 2013

Who bought the 3-year note of 8 Oct 2013

Shares of the competitive bids accepted

  • Indirect bidders 34.4%
  • Direct bidders 19.7%
  • Primary dealers 45.8%
This auction, 8 Oct 2013
  • Indirect bidders 33.1%
  • Direct bidders 20.0%
  • Primary dealers 46.8%
The 3-year note auction before, 10 Sep 2013

Each point is one 3-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders34.4%
Inspect and compare dates
High yield and bid-to-cover of the last 36 3-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
0.7103.05
0.9133.29
0.6313.21
0.7193.35
0.5812.95
0.3543.38
0.3423.24
0.4113.51
0.4113.59
0.3853.62
0.3273.36
0.3923.41
0.3463.96
0.3373.94
0.3703.51
0.3663.52
0.3873.53
0.3623.65
0.4273.36
0.4563.44
0.3473.30
0.3703.73
0.3523.62
0.3793.41
0.5443.30
0.3343.15
0.5003.29
0.6703.22
0.7653.28
1.0003.29
1.2803.25
1.2983.22
1.3493.01
1.0273.06
0.8622.91
0.5753.26

Observed .

Right now

The high yield was 0.710% on 8 October 2013, down from 0.913% at the auction before.

The high minus median of 2.6 basis points was the highest for a 3-year note since 12 December 2011, with 21 auctions in between.

Higher than 27 of the 59 since 10 November 2008

Its own history

Against the previous 24 3-year note auctions, the high yield was higher than 22 of the 24.

The bid-to-cover ratio was higher than 1 of them.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 34.4%
  • Direct bidders 19.7%
  • Primary dealers 45.8%

Size

Treasury sold $30 billion of the $30 billion offered.

Bids received came to $91.436 billion; the bid-to-cover ratio was 3.05.

Its bid-to-cover of 3.05 compares with the 24 auctions before it: lowest 2.95 on , highest 3.96 on ; 9.9% of the way from the low to the high.

3.05

Low 2.95 Midpoint 3.455 High 3.96

The security3-Year, new issue

Coupon
0.625%
Announced
Issued
Matures

It adds to the debt that matures in October 2016.

Understanding this result

Where it stands today

The high yield was 0.710% at this 3-year note auction, the median yield 0.684% and a bid-to-cover ratio of 3.05.

What do these figures measure?

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

Read more

How does it compare with the par yield curve?

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (3-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What these figures cannot tell

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as3-Year, new issue
Offering amount$30,000,000,000
Bids received$91,435,939,600
Sold$30,000,043,700
Competitive bids accepted$29,866,604,100
Non-competitive bids accepted$23,439,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$110,000,000
High yield, %0.710
Median rate, %0.684
Low rate, %0.600
Interest rate (coupon), %0.625
Bids at the high rate filled, %39.11
Bid-to-cover ratio3.05
Indirect bidders accepted$10,277,267,500
Direct bidders accepted$5,897,789,100
Primary dealers accepted$13,691,547,500
Indirect bidders' share, % (ours)34.4
Direct bidders' share, % (ours)19.7
Primary dealers' share, % (ours)45.8
High minus median, basis points (ours)2.6
Treasury par yield curve, 3-year point, same day, %0.70
High yield minus that point, basis points (ours)1.0
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.053.3711 of 121 of 12
High yield0.7100.4022 of 1210 of 12
Indirect bidders' share34.428.62 of 1210 of 12
Direct bidders' share19.721.17 of 125 of 12
Primary dealers' share45.853.010 of 122 of 12
High minus median, basis points2.61.60 of 1212 of 12

The table scrolls sideways; the first column stays in place.

The longer windows

Each measure against earlier 3-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio3.05Last 24 auctions23 of 241 of 243.42
Bid-to-cover ratio3.05Since 10 November 200841 of 5918 of 593.24
Bid-to-cover ratio3.05All 75 since 6 May 200341 of 7534 of 753.13
High yield0.710Last 24 auctions2 of 2422 of 240.382
High yield0.710Since 10 November 200832 of 5927 of 590.790
High yield0.710All 142 since 5 May 1981115 of 14227 of 1424.475
Indirect bidders' share34.4Last 24 auctions10 of 2414 of 2431.9
Indirect bidders' share34.4All 59 since 10 November 200839 of 5920 of 5936.7
Direct bidders' share19.7Last 24 auctions8 of 2416 of 2413.2
Direct bidders' share19.7All 59 since 10 November 20089 of 5950 of 5911.1
Primary dealers' share45.8Last 24 auctions21 of 243 of 2454.1
Primary dealers' share45.8All 59 since 10 November 200838 of 5921 of 5952.2
High minus median, basis points2.6Last 24 auctions2 of 2422 of 241.7
High minus median, basis points2.6Since 10 November 200834 of 5924 of 593.1
High minus median, basis points2.6All 142 since 5 May 198152 of 14289 of 1421.9

The table scrolls sideways; the first column stays in place.

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 8 October 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20131008_2.pdf. Compiled by 500metrics, "3-year note auction of 8 October 2013 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2013-10-08.

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